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Government Is No Good At ?Flip That House?
2008-06-07 15:01:00 Even some of the sharpest folks [Or perhaps I should say ESPECIALLY the sharpest folks] in real estate have gotten out of house "flipping". In a declining economy, with a glut of homes on the market, and financing difficult- it’s next to impossible to have flipping make financial sense. That doesn’t stop government from wanting ...
By: HousingDoom
Will Home Prices Turn Before You Know It?
2008-06-03 15:03:00 The real estate pundits are out and warning that you should buy before prices start to go up. From Irwin Kellner, chief economist for Marketwatch and Capital One Bank: Housing could shift from a buyer’s market to a seller’s market before you know it. Now don’t get me wrong. I am not saying that all is ...
By: HousingDoom
Greenspan Apparently Suffering From ?Bubble Blindness?
2008-05-31 16:06:00 From Reuters yesterday: MONTREAL (Reuters) - Former U.S. Federal Reserve Chairman Alan Greenspan said on Friday that he does not expect another "bubble" in world markets for a long time, and that central banks at any rate do not control the long-term interest rates that can be related to bubbles.
By: HousingDoom
Case-Shiller: Home Price Drop Largest On Record
2008-05-27 15:23:00 From Reuters this morning: Prices of U.S. single-family homes plunged a record 14.1 percent in the first quarter from a year earlier, marking a pace five times faster than the last housing recession, according to the Standard & Poor’s/Case Shiller national home price index reported on Tuesday. The S&P/Case Shiller composite index of 20 ...
By: HousingDoom
Albuquerque, New Mexico Real Estate Market Trends
2008-05-26 11:17:00 Albuquerque, New Mexico Real Estate In our community, not unlike many others, we have seen transactions affected by recent higher loan-to-value ratio requirements resulting from falling and lower sales prices. Good News Beginning June 1, Fannie Mae and Freddie Mac will no longer require borrowers to provide an extra 5 percent down payment when purchasing homes in areas deemed "declining markets" because prices are falling. Thanks to the National Association of REALTORS® who protested the declining-markets policy, the giants of the secondary loan market agreed to abandon it. under the the new policy, borrowers can get loans up to 95 percent loan-to-value even in markets in which prices have been falling. Before the change, borrowers suddenly found they could only get loans up to 90 percent of the price of the property because lenders were requiring a 5-percentage-point cushion to protect against possible future price declines. Many ...
Canadaian Housing Market Also Subject To Housing ?Physics? And Is Going Dow
2008-05-24 14:08:00 Alas, what goes up, must come down- even in Canada. After months of the MSM reporting that the Canadian housing market would not go the way of their neighbors to the south- the Canadian housing market is going the way of their neighbors to the south: Canada’s long-running housing boom has ended, with the formerly ...
By: HousingDoom
Interpreting Real Estate Statistics
2008-05-24 05:40:00 I love reading Bernice Ross on Inman News. Bernice is a regular writer for Inman as well as a blogger in her own right. What fascinates me is her insights into the market and her quick wit. Today she has...
Saint Louis & St. Charles Real Estate Market Trends - Market Shows Signifca
2008-05-21 00:00:00 Cottrell Report ? Total Market Overview for Week Ending 5/16/08 Saint Louis MO Real Estate Market Update & Overview Current WK 4 Weeks Prior Trend Active Listings 5,668 5,458 - Pending Ratio 17.3% 16.0% + Price Reductions 8.1% 8.3% +...
Getting Paid To Walk Away
2008-05-20 09:01:00 It apparently isn’t just homeowners walking away from their homes. Now squatters are moving into foreclosure properties- and making a quick buck while they are at it: Squatters are moving into foreclosed homes and posing as tenants so they can live in comfort until the bank either goes through the eviction process or bribes them to ...
By: HousingDoom
Denver Suburbs Homes Sales and Market Trends - Lone Tree and Highlands Ranc
2008-05-16 18:28:00 April 2008 - Highlands Ranch Real Estate - Lone Tree Real Estate - Sales & Market Trends in Denver's Suburbs The Highlands Ranch and Lone Tree areas of Denver's south metro real estate market are still seeing decent activity. THis is the area that is found in the Denver MLS as DHL. I dislike repeating the same ...
Canada?s real estate market trends
2008-05-15 17:40:00 Home Prices Decline for the First Time in Seven Years According to Scotia Economics After many false calls, there is now convincing evidence that Canada’s housing market has come off the boil, according to the latest Real Estate Trends released today by Scotia Economics. Home resales, having fallen for four consecutive months, are running about 15 ...
Sorry Greenspan, But I?m Not Seeing It
2008-05-15 09:01:00 According to Marketwatch yesterday, "Greenspan sees U.S. house price hit bottom in 2009". I think he’s seeing things. [Thanks L!] U.S. home prices will likely bottom out in early 2009 after the market absorbs excess inventories, former U.S. Federal Reserve Chairman Alan Greenspan told audiences in Asia Wednesday, according to news reports. Greenspan, ...
By: HousingDoom
The Subprime Crisis Became Global
2008-05-13 06:23:00 I'm sure it's an economic fact and known by people with much smarter brains than mine, but the concept of a Global Pool of Money is staggering. The Global Pool of Money is a major player in how the sub-prime...
SHIFTS IN REAL ESTATE MARKET TRENDS
2008-05-13 02:01:00 SHIFTS IN REAL ESTATE MARKET TRENDS A few years ago your neighbors put their house on the market and had so many buyers that they were on the winning side of a bidding war. Now you are trying to sell your home, and there's just no action. The real estate marketplace fluctuates constantly, based on local supply and demand. When buyer demand is high and the supply of properties for sale is low, prices tend to escalate until they reach a certain point where buyers begin to say no and listing inventories increase. When this market reversal happens, sellers who price their homes at the higher level of previous sales prices must re-think their pricing strategies or their homes may not sell. Whether you are buying or selling a home, it is important to remember that the shift from a seller's to a buyer's market can occur very quickly. You can count on us for sound advice on what phase the market is in right now. ...
A Sign of the Times
2008-05-10 09:01:00 L thought this looks like a sign of the times, and I had to agree. If you have MLS access, check out #2895409. It looks like the granite countertop business isn’t what it used to be: $200,000.00 PRICE REDUCTION !GREAT LOCATION/ GOOD INCOME BUSINESS. HIGHLY POTENTIAL GROWTH GRANITE COUNTERTOP AND CABINET RETAIL AND WHOLESALE STORE. ...
By: HousingDoom
The Real Estate Market Trends in Los Gatos
2008-05-09 15:43:00 Los Gatos Home Sales Trends How's the real estate market in the Town of Los Gatos? The Los Gatos housing market varies from one price point and neighborhood to the next, from one type of housing to the next, and even between the town's two zip codes, 95030 and 95032. Here we'll take a view of the overall movement in the market; please understand that it may or may not apply to your Los Gatos home so please call or email me for specific information relating to your property. Overall, Los Gatos continues to be a buyer's market, though not as deep as in other places in Santa Clara County. Inventory is rising in both single family homes and in condos/townhomes, which is a typical trend for this time of year. The market has improved somewhat over a month ago in terms of median and average sales price (the graphs below use a 12 month moving average, but the actual numbers do show an uptick). To view the report for Los Gatos using the actual numb...
National Pending Home Sales Hit A New Low In March
2008-05-08 09:01:00 It’s enough to make you burst out singing "Blue Skies". From the National Association of Realtors’ chief economist: Two things homebuyers shouldn’t have to worry about is a recession or long-term credit crunch. That’s what Lawrence Yun, chief economist with the National Association of Realtors, told real estate practitioners who gathered at the ...
By: HousingDoom
High Gas Prices Popped Suburbia?s Bubble
2008-05-07 09:01:00 When you ask "Who’s responsible for the bursting of the housing bubble?" Fingers fly in every direction to point out the guilty- naive buyers, crooked lenders, low interest rates- you’ve probably know the possible suspects by heart by now. An interesting paper called "Driven to the Brink" however, points the finger in a different direction- ...
By: HousingDoom
Condo King County Weekly Sales Ratios for Apr. 30th, 2008
2008-05-03 01:41:00 Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)
Wall Street Journal Ranks Seattle Leader in Overall Strength
2008-05-02 20:17:00 The graph below is just a snippet of an image from a Wall Street Journal article which shows Seattle to be the strongest city for overall strength in it’s metro area. Click the image to review in more detail. We all know that the chart will tell us we have a healthy supply ...
House Prices Continue to Rise
2008-05-01 14:49:00 Just read this article on VOCM.com discussing the increase in house prices in St. John’s and surrounding areas. Notice the jump in house price from $151,000 to $180,000 for a 1000 sqft bungalow home in St. John’s. House Prices Continue to Rise: Survey May 1, 2008 A new survey shows house prices in the province continue ...
It?s Not A Subprime Crisis- It?s A Consumption Crisis
2008-04-30 01:17:00 From Minyanville today- a great quote ofnthe current "crisis": [Thanks L!] Unlike many, I have never thought that the U.S.’ current crisis was a “subprime” crisis, or even a more-broad mortgage crisis. No, to me, this has been and will continue to be an evolving consumer consumption crisis which started with the largest and most leveraged ...
By: HousingDoom
Foreclosure ?Cleansing??
2008-04-29 15:09:00 In spite of government efforts to reduce the foreclosure rate in the U.S., the percentage of Americans going into foreclosure is accelerating: [Thanks G!] April 29 (Bloomberg) — U.S. foreclosure filings more than doubled in the first quarter as payments rose for subprime adjustable mortgages and falling home prices left property owners unable to ...
By: HousingDoom
How drunk do you have to be to buy a Miami condo?
2008-04-27 09:01:00 Well, I suppose desperate times, call for desperate measures….. [Hat tip L!] In February, throngs of people gathered at a $100,000 poolside party in Miami, downing Roberto Cavalli vodka, sampling food from local restaurants and dancing to a DJ blasting hip-hop and house music. Nearly 1,000 more people showed up than expected, sending ...
By: HousingDoom
St. John?s Remax Affordability Report 2008
2008-04-24 13:01:00 Although a recent report pegged St. John?s as one of the most affordable cities in the G7 nations, affordability is a growing concern. Buyers continue to face challenging market conditions, including unprecedented demand and extremely tight inventory levels. Multiple offers are quite prevalent. It is not uncommon to see quality, new listings generate three to four ...
Starbucks Blames Woes On Housing
2008-04-24 09:01:00 Housing woes have not only caused lenders to fail and foreclosures to mount, but apparently have impacted the coffee market as well: Starbucks Corp said on Wednesday it was the latest victim of the U.S. mortgage meltdown. Blaming hard-hit housing markets of California and Florida for slowing sales, the coffee shop chain slashed its quarterly ...
By: HousingDoom
Business Builder Forum - Getting Ahead in the Current and New Market Trends
2008-04-23 10:43:00 Business Builder Forum Market Trends in the Current Financial Enviroment. Directories Philippines Corporation (DPC) in partnership with, Philamlife, cordially invites you to ?Getting Ahead in the Current and New Market Trends? on May 8, 2008 from 2:00PM to 5:00PM at the Security Case Room, Asian Institute of Management Conference Center. Arm yourself with the right information and ...
So who pays the buyer?s gas?
2008-04-23 09:01:00 Another goodie from L’s daily spam- A builder willing to pay for agent’s gas, just to get them to come out and see the community: This isn’t a unique offer- builders have been offering these for awhile. It tells you something about the community though- it’s EXPENSIVE to get there and back. [Vistancia is 37 miles ...
By: HousingDoom
Dothan Real Estate Market Trends - 1st Quarter 2008
2008-04-22 16:21:00 At the end of each quarter, we look at some Dothan real estate market statistics that don?t fit well into one of our monthly reports. That is not to diminish their importance however. Median Price Median price can vary significantly from month-to-month, so we compare quarters to help smooth out the bumps. Median price is used instead ...
Las Vegas Housing: Not Affordable Yet, But Getting Closer
2008-04-20 09:01:00 The foreclosures and falling prices in Las Vegas are not all bad: A week-old study assessing housing affordability in Las Vegas is already well past its prime, local analysts say. The 2008 Colorado College "State of the Rockies Report Card" found that just 18.9 percent of the Las Vegas Valley’s housing stock is attainable to workers earning ...
By: HousingDoom
MLS Trends St. John?s First Quarter
2008-04-17 21:15:00 MLS Residential Sales Post Solid First Quarter MLS® residential sales increased 14.3 per cent to 713 units compared to last year?s first quarter sales of 624 units January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings Driven by low inventory, the first quarter average MLS® ...
American?s Think ?Now?s The Time To Buy?- But Would They Do It?
2008-04-16 17:46:00 From CNBC this morning: A majority of Americans think now is a good time to buy a home, although few believe the U.S. economy can escape a recession, according to a Reuters/Zogby poll released Wednesday. The survey of 1,049 likely voters found that 53.8 percent thought this was a good buying opportunity as ...
By: HousingDoom
How do you run an HOA when there are only a couple of you in the neighborho
2008-04-16 09:01:00 In June 2007 I was checking out new communities in Gilbert, and looked into Stratland Estates. I thought it looked like a neighborhood in trouble with too many specs. A check of records at the Assessor’s office showed five sales at the time. Stratland Estates sounded wonderful on their website- here’s how the builder describes it: This ...
By: HousingDoom
?I Will Not Have Anyone Putting Holes In The Walls?
2008-04-11 09:01:00 A bitter homeowner is losing their home to foreclosure in Maricopa, AZ and is selling out to the walls- but at least is exhibiting some scruples: **You must professionally uninstall all fixtures, and or items. I will not have anyone putting holes in the walls or damaging the existing structure to remove these items. ...
By: HousingDoom
Surge in Single-Detached Construction Drives Housing Starts in March
2008-04-08 16:07:00 A surge in single-detached construction drove urban housing starts during the month of March, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). March?s total housing starts surged 155 per cent, with 56 posted within the province compared to 22 a year ago. 55 of the 56 starts were within the St. ...
Federal Reserve Can?t See A Bubble Coming Or Going
2008-04-08 15:13:00 Alan Greenspan, who only saw housing getting a little "frothy" in the first place, doesn’t seem to understand what it takes for prices to stabilize, nor how long this process is likely to take: April 8 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end “well before” ...
By: HousingDoom
House Price Survey report
2008-04-04 14:12:00 Canada?s real estate market stands on stable footing. On average, healthy year-over-year house price gains were recorded during the first three months of 2008. While more modest price increases were observed when compared to previous quarters, the solid appreciations noted in the first quarter are largely due to the shared effects of resilient ...
Lehman Brothers- Victims Of Short-Sellers Or Their Own Bad Practices?
2008-04-04 09:01:00 The stock of Lehman Brothers has been hurting the past couple of weeks, and Lehman is blaming the shorts: Wall Street investment bank Lehman Brothers provided information to the Securities and Exchange Commission that could show hedge funds were abusively short selling the company’s stock, according to a report in the Financial Times. The SEC, in ...
By: HousingDoom
No Provincial Economy Immune from US malady
2008-04-03 17:19:00 RBC released it’s Provincial Outlook today and is quite clear “no provincial economy immune from US malady”. The tone for the report is caution throughout most sectors including labour, housing, exports and Canadian dollar. Saskatchewan is expected to be the growth leader in 2008 as its economy benefits from strength in energy, mining, and agriculture. Newfoundland is ...
Marketing During a Recession
2008-04-03 06:00:00 Turn off the television. Avoid your radio. Line the bird cage with the morning paper. Why, you ask? The thunderous gloom and doom predictions of the Federal Reserve would lead one to believe we’ve got to stop spending and stuff our hard-earned cash under our mattresses. Whether we actually enter a recession or not is still ...
By: My Personal CMO
Rescue Bill: It Ain?t Gonna Work
2008-04-02 13:35:00 From CNBC this morning: Democrats and Republicans in the U.S. Senate agreed Tuesday to draft a housing rescue bill that could deliver billions of dollars to homeowners facing foreclosure and help steer the economy away from a deep recession. Democratic leaders want the federal government to pay for more mortgage counselors, rehab projects ...
By: HousingDoom
MLS totals show strong year-over-year growth in Newfoundland
2008-04-02 11:30:00 According to statistics released by the Newfoundland and Labrador Association of REALTORS®, year-over-year residential and total MLS® sales activity once again showed an increase in the region. Real estate transactions recorded through the Association’s MLS® system in February 2008 reached a total value of $39,801,664. That’s a three per cent decline from the ...
Investors have not left the market- but that doesn?t mean they are the ?sma
2008-03-31 15:16:00 Today we’ll try and unravel the twisted logic of Realty Times’ Blanche Evans and Lawrence Yun of the National Association of Realtors. According to Evans: This latest report should put the notion to bed that the housing boom was largely driven by speculators. The National Association of Realtors annual Investment and Vacation Home Buyers ...
By: HousingDoom
The ?Bell Curve Of Doom? Is Ringing For Recent Home Purchasers
2008-03-27 15:02:00 A friend forwarded me a copy of a report "The Bell Curve of Doom? - The Case - Shiller Price Index." I thought the following paragraph from this report did a great job of putting price declines in perspective: According to the Case-Shiller Composite 20 (metro areas) index, the price of an existing home peaked in ...
By: HousingDoom
?Banks walk away. The homeowners are gone, and the property is still there.
2008-03-25 14:33:00 There are times when foreclosures make sense. It can get an underwater borrower out of a difficult economic situation; it can readjust the market price of a property so that it can be purchased by someone who can afford it. I have to question the sense of this scenario though: In western New York, the city ...
By: HousingDoom
February National Existing Home Sales: Sales Off- So Is Yun?s Grip On Reali
2008-03-25 08:01:00 The National Association of Realtors released their numbers for February Existing Home Sales yesterday, but any correlation between the NAR’s analysis and the data is purely coincidental. According to Lawrence Yun, chief economist of the NAR: WASHINGTON, March 24, 2008 - Sales of existing homes increased in February and remain within a fairly stable range, according ...
By: HousingDoom
Mesa, AZ: Collectors Seeing Less Garbage As More People Leave
2008-03-18 07:01:00 Tracking population trends can be a bit tricky, so different metrics are often used– driver’s license applications, home sales, etc. Here’s a new one: garbage collections, and it appears that Mesa’s population may be declining: [Thanks to M and L for this one!] The city’s solid-waste manager told the City Council last week that foreclosures and ...
By: HousingDoom
Real Estate Experience Precedes the Statistics
2008-03-18 03:10:00 My crystal ball is out, but I won't say it's a predictor of the market. It just means I'm going to share my impressions of the market. In the fall of 2005 when the St. Paul real estate market skidded...
J.P. Morgan finds Bear Stearns a ?well run bank?
2008-03-17 06:06:00 This unbelievable quote brought to us by Reuters yesterday evening: [Thanks L!] NEW YORK, March 16 (Reuters) - JPMorgan Chase said on Sunday that it found Bear Stearns Inc. a well run bank with good risk control. A JPMorgan executive said on a conference call that 200 employees scrutinized Bear Stearn’s books over three days.
By: HousingDoom
The Real Estate Market
2008-03-17 01:18:00 It's almost a buzz word. At parties, in the office, at school, in the grocery line, the minute someone hears I'm a REALTOR®, the question pops out, "How's the market doing?" It's like asking a plumber if water is hot... |
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